Huang Nubo had hoped to sink $200 million into a proposed tourism project in Iceland, as previously reported by AdvisorOne.com, but after the country rejected his original target he has proposed alternatives–and also turned his attention toward Finland and Denmark as potential sites for so-called holiday villages.
Reuters reported that security concerns prompted the Icelandic government to decline an offer by Huang to purchase, for $8.8 million, Grimsstadir farm in northeastern Iceland. The farm is a 186-square-mile property where he planned to build a golf course, hotel and outdoor recreation area. Its decision came at the end of November. After accusing the Icelandic government of “hypocrisy and deep prejudice,” Huang proposed alternative deals, and now has broadened his view to additional countries in the region.
Saying that although he is still in talks with Iceland on alternatives, which include leasing rather than buying land for his projects, Huang added that he is now looking farther afield, to Denmark and Finland, where he hopes to build similar, albeit smaller, tourism projects.